& All & Fees & Local & Central \\
 \cmidrule(lr{0.5em}){3-5} 
 & (1) & (2) & (3) & (4) \\ \midrule
\hspace{0.1cm} Registered ($\beta^{OLS})$&     0.18\sym{***}&    -0.00         &     0.05\sym{**} &     0.18\sym{***}\\
                &   (0.03)         &   (0.02)         &   (0.02)         &   (0.04)         \\
\midrule
\hspace{0.1cm} $\widehat{\text{Registered}}$ ($\beta^{IV})$&     0.47\sym{*}  &     0.20         &     0.02         &     0.45\sym{*}  \\
                &   (0.28)         &   (0.22)         &   (0.21)         &   (0.28)         \\
                &   [0.10]         &   [0.62]         &   [0.91]         &   [0.08]         \\
\midrule DV Mean&     0.19         &     0.05         &     0.05         &     0.13         \\
FS F-statistic  &     17.5         &     17.5         &     17.5         &     17.5         \\
\midrule
$\rho$(Wealth, DV)&     0.36&     0.04&     0.28&     0.42\\
\midrule
Observations    &     1571&     1571&     1571&     1571\\
